Discussion
First off, dealer finance is negotiable, 10.2%APR is an opening gambit.
Find the cheapest high street loan go back to the dealer and tell them you will buy the finance off them if they will match the APR.
Its in the dealers interest to sell you the finance, be aware though that the APR that they can physically go down to will depending on how much commision they are getting and their other revenue streams...
Find the cheapest high street loan go back to the dealer and tell them you will buy the finance off them if they will match the APR.
Its in the dealers interest to sell you the finance, be aware though that the APR that they can physically go down to will depending on how much commision they are getting and their other revenue streams...
Harry Flashman said:
Car financing - why??
Same reason that I got a loan for my wedding - to have now what I would otherwise not be able to afford or save for a long time for.
I couldn't afford a lump sum of £10k for example, however I can afford to pay it over 3 years.
Borrowing on a depreciating asset is another matter, but surely down to personal preference & ones priorities.
WARNING - whoever you gett he loan off...check how they calculate their interest.
Some will add on interest daily (good).....some may add interest on yearly in advance...some may even put all the interest on at the front (eg finance companies).
Get a laon for 3 year...make payments for 18 months....then try and pay off the loan and find out you ow the same as you borrowed! It's possible.
Some will add on interest daily (good).....some may add interest on yearly in advance...some may even put all the interest on at the front (eg finance companies).
Get a laon for 3 year...make payments for 18 months....then try and pay off the loan and find out you ow the same as you borrowed! It's possible.
bga said:
Car financing - why??
Same reason that I got a loan for my wedding - to have now what I would otherwise not be able to afford or save for a long time for.
I couldn't afford a lump sum of £10k for example, however I can afford to pay it over 3 years.
Borrowing on a depreciating asset is another matter, but surely down to personal preference & ones priorities.
I think the point was that a loan from a high street/internet bank will almost always be cheaper than the car finance scheme, so if you need to borrow money for a purchase, borrow it from your a bank.
When shopping for finance, remember there are 14 different ways of calculating an APR - all of which are legal under the Consumer Credit Act.
Remember to compare monthly repayment, total payable and any charges for early settlement.
And, just to confuse matters further, when getting quotes by phone or online the lender will quote a 'typical' figure. When you put your application through the payments can (and usuall will) be different from that quoted initially.
Remember to compare monthly repayment, total payable and any charges for early settlement.
And, just to confuse matters further, when getting quotes by phone or online the lender will quote a 'typical' figure. When you put your application through the payments can (and usuall will) be different from that quoted initially.
I'm borrowing £6000 over 4 years with Cahoot will be paying £139.00 per month back should be getting a pay rise soon (hopefully) so am going to try and pay it off early as poss. Just got a 04reg fiesta lx its only 12000 miles fsh still in warrenty and has all the bells and whistles i need (cd a/c elec everything and power steering 
) will only be as a run around and have the mazda to play with at weekends.
) will only be as a run around and have the mazda to play with at weekends. Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff